A Proposal for Investment in Tennessee S Future

Binding Gift Agreement

between < Insert Donor Names> and The University of Tennessee Foundation, Inc.

E D U C A T I O N W O R K S ! Gift Agreement between and The University of Tennessee Foundation, Inc.

The following sets forth an agreement by and between (the Donor(s)) and the University of Tennessee Foundation, Inc. (the Foundation). The Foundation is a not-for-profit corporation in the State of Tennessee organized to support the fund raising activities of the University of Tennessee (the University) and is an organization described in Internal Revenue Code 501(c)(3). Gifts to the Foundation should be made payable to the University of Tennessee Foundation, Inc.

(I) THE GIFT

The Donor(s) $ ______to the, as indicated by .

(II) PURPOSE

The Foundation will use this gift . The must approve all expenditures from these funds.

If it becomes impossible or impractical to use the gift for the purpose designated by this Gift Agreement, or if this Gift Agreement is determined to be in conflict with any federal, state, or local law, regulation, or ordinance, the Foundation’s Board of Directors, in consultation with the Donor(s) (if possible) or with the President of the University, will direct the use of this gift in the best interest of the University and in a manner as close as possible to the original intent of the Donor(s) as expressed in this Gift Agreement. The identity of any named facilities will be retained and will always bear the name indicated by the Donor(s), subject to the University’s Board of Trustees Policy on the Naming of Facilities and Other Assets of the University.

(III) SCHEDULE AND FORM OF CONTRIBUTIONS

The Donor(s) to fulfill this commitment with gifts of cash, securities or other assets over five years, according to the following schedule:

Payment Amount: Due Date: (month and year) $______$______$______$______$______

The Donor(s) or other contributors may add to this fund with gifts of cash, securities, or other assets, which, if accepted by the Foundation, will become subject to all the covenants, terms, and conditions

2 of this Gift Agreement. However, IRS regulations preclude this pledge from being satisfied by a donor advised fund, community foundation, or family foundation.

(IV) RECOGNITION

In grateful recognition of ’s generosity, and subject to all required approvals by the University’s Board of Trustees and other University or Foundation offices, .

The Donor(s) the Foundation permission to publicly recognize commitment. The Foundation will, however, clear any press releases with the Donor(s) before issuing such release.

(V) ADMINISTRATION

Until such time as the funds given are spent on the project outlined in this agreement, the Foundation may invest the property comprising this gift, commingled with any of its investment assets. Normal fees associated with the collection and disbursement of gifts and gift income may be assessed.

(VI) BINDING OBLIGATION

This gift is an irrevocable binding obligation of the Donor(s) and the Donor(s)’s heirs, executors, administrators and assigns, upon which the University is relying. If the Donor(s) prior to completing the contribution in accordance with Section III, above, the unpaid contribution will be satisfied by a bequest in the Donor(s)’s Will or Trust Agreement(s) or shall otherwise constitute an enforceable claim against the Donor(s)’s estate.

3 For a gift to the University of Tennessee Foundation, Inc., please sign and date below:

______[Name of Donor] Date [Name of Donor] Date [Address] [Address] [Address] [Address] [Address] [Address]

On behalf of the University of Tennessee Foundation, Inc.

______Johnnie D. Ray Date President of the University of Tennessee Foundation, Inc.

4 APPENDIX A